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, jack lew, to be his next treasury secretary. outgoing treasury secretary tim geithner should be there also. >> spearing tough fiscal fights with congress and his choice is raising questions about how independent the new treasury chief will be from the white house. steve liesman taking a close are look at this. steve, how independent are they and when they get too independent as paul o'neill did, they get fired. >> very good point. one is how much independence they exercise in office but the other is the chief criticism of jack lew so far is how much independence he brings to the job before he takes the office. the issue is when you think about the past seven treasury secretaries they've all come to the office in their resume with a bit of intendens, which leads you to something other than politics at the white house. let's go through it now. lloyd benson back in 1939 appointed by clinton, he was politically right of center of president clinton. that was the one thing. robert rubin came from goldman sac sachs. it was something other than political. larry summers, appointed by
years ago i stood with mr. tim geithner and announced him as my first nominee to my cabinet. we were barely two months into the financial crisis. the stock market had cratered. the housing market had cratered as well. bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just that month. and the bottom was not yet in sight. so i couldn't blame tim when he tried to tell me wasn't the right guy for the job. but i knew that tim's extensive experience with economic policy made him imminently qualified. and i also knew that he could hit the ground running. as chairman of the new york federal reserve he had just spent several sleepless and chaotic weeks emersed in the complexities of the crisis and had been working closely with his republican predecessor at treasury to save the financial system. then with the wreckage of our economy still smoldering and unstable i asked him to help put it back together. and thanks in large part to his steady hand our economy has been growing again for the past three years. our businesses have c
will talk about the pick to replace treasury secretary tim geithner we will talk about jack lew who has served at the treasury department under clinton and obama. is great to see you again. jack lew claim to fame to create a surplus bet americans are up in arms? >> nobody has a better resonate and jack lew who was an aide to tip o'neill during the reform of social security. republicans are really just playing partisan. lori: over the last three years ago with budget director u.s. has run deficits over $8 trillion per year in that rate is of contention with criticism. >> a lot of that's is more partisan fear than reality. one interview that he did when the president proposes budget that spending on government programs would balance with the revenues to equalize. their rubies smaller running deficits but that was the course scope and size issue. they said it is semantics but that is not the case. lori: do they not like him because he is a tough negotiator? >> that is part of it. >> except john kerry every nomination is criticized even in hagel is not good enough. so the backdrop of the ob
for a while and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at for treasury secretary. >>> still, that's a subject for great discussion. now let's bring you up to speed with the action on today's global markets report. will i sixuan is with us. hi, sixuan. >> thank you, ross. that surprising number in trade data has helped beat sentiment in asia. the sensex index had a fresh 19-month high in trade before closing up .6%. airline stocks on upgrades. the shanghai composite finis
expected to nominate white house chief of staff jack lew to replace tim geithner. will that a make a deal on the debt easier or tougher? >> and constellation brands raising its estimates. the stock is one of the s&p's top performers of the year. not getting much of a bood boost at all though. will this push the adult beverage company even higher? don't miss our exclusive with the company's ceo, rob sands. that's coming up. >> and aig's board declining to join a controversial shareholder lawsuit against the government over the $1 will 2 billion bailout of the company. i'll get the inside story from the ceo of the company, bob benmosche joining me here exclusively in the 4:00 hour of the "closing bell." back in a moment. curb... make you a target for thieves? or that dog bites account for a third of all home liability claims? what if you didn't know that one in seven drivers is uninsured? and that grease fires have to be smothered? the more you know, the better you can plan for whats ahead. get smarter about your insurance. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪ [ male
will succeed treasury secretary tim geithner. we knew that enough was likely coming at the end of this week. the afghanistan president is in town on friday. we are looking at tomorrow. still have not confirmed that specific portion. lori: thank you so much. melissa: dish network submitting an offer to buy wireless broadband provider clear wire for $3.30 a share or $5.15 billion. topping an earlier bid from sprint. >> once again you follow what the consumer is doing and they are moving to wireless. we want to offer wireless voice and video. don: how about a direct tv merger? >> there is a lot of speculation. melissa: pressing him and getting the story. sprint which owns half of clear wire they throw a wrench in dishes plan. they could push for large shareholders to force sprint to sell. lori: i am looking down, it is good to see some competition. robert -- will lead the agency after nearly four years of service. if i had a beat here, i have the press release. significant actions connected to the financial crisis. record numbers of cases involving insider trading and misconduct by investment
. he just had a meeting with treasury secretary tim geithner. it'll be interesting to see what he had to say. sandra: and liz claman live in las vegas getting us a glimpse of tomorrow's tech today. liz: how many of you all out there watching watch youtube videos and say i have to show that to someone? i want to show it on my television right now. panasonic with a new feature that they absolutely believe you will dump your current tv for and by panasonic. youtube to your tv. he will show it to us and it is something he absolutely feels can change behavior for television owners. we will show it to you coming up. over at panasonic. back to you. sandra: we look forward to that. shibani joshi is also at the big show in vegas and she will join us in about 15 minutes with the ceo of qualcomm, find out where he sees mobile technology heading and should know his products are in the most coveted devices out there. ashley: stocks extending into the second session with all three major indices closing in the red. eight of 10 s&p sectors ended lower. telecom, industrials the worst performing sector
discussed. this from treasury secretary tim geithner who was really installed to deal with the financial crisis. at this point the president is making his pick to deal with federal budgets. the nominee, jack lew, was the budget director for president clinton. here at the obama white house for all these major budget fights he has been at the president's side. >> over the past year i've sought jack's advice on virtually every decision that i have made from economic policy to foreign policy. now one reason jack has been so effective in this town because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. and over the years he has built a reputation as a master of policy who can work with members of the both parties and forge principled compromises. >> republicans have another take on that reputation. this from senator orrin hatch of utah saying since mr. lou participated in numerous budget negotiations with congress and with four consecutive years of over a trillion dollar deficits, the american people deserve to know, not only that this n
to nominate white house chief of staff jack lew as his next treasury secretary. succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle. an
secretary, but what's the future have in store for tim geithner? details ahead. melissa: mcdonalds 2*esing chicken wings in the fast food restaurant. stocks down 73 points issue and the dollar is stronger there versus the euro and the pound. we'll be right back. ♪ ♪ melissa: 21 minutes past the hour. the fox news minute, border tensions rising after pakistani soldiers killed to indian soldiers in the disputed kashmir region. they are accused of disresulting a cease fire held for over a dead. both countries claim the area, but the area is divided between them. former representative giffords, and her husband launching gun control initiatives seeking to reduce gun violence and prevent mass shootings. today the the go year anniversary after a gunman killed six and critically injured give fards. opening an investigation into the death of a lottery winner last summer. after new tests determine he died of cyanide poisenning and not natural causes. the family urged medical examiners to re-examine the case. those are the headlines, back now to melissa and lori. melissa: thank you so much. jack
daley. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was some
but winning and the cme group parent of the cme itself. be right back. >> may replace tim -- tim geithner's treasury secretary, is it time for a ceo to join the tablet? the platinum closed. what president obama may stick to the republicans by minting a platinum:. looking for extra cash? how about selling your old cellphone? big ideas with the man who has automated that process. 30 past the hour and stocks now as we always do every 15 minutes. looking at gm. nicole: big news since we got gm and ford this week. these stocks have done so well, we hit new 52 week highs the general motors pulling back 1/4% on a recall. let's break it down all little bit recalling more than 69,000 trucks and vans globally and the problem is a steering column defect. you park your truck and it could potentially role way. we're talking about some names, if you have a general motors truck you should delve into this more but at first glance it is looking like a 2013 cadillac escalade and chevy avalanche, not clear what your those are but you should look into this because it could potentially be a problem. recalling
remaining stake in gm. >> the president could name a new treasury secretary to replace tim geithner as early as this week. former fdic chair sheila bair is here on what that could mean for the debt ceiling debate. >>> another day, another bank call. this one, though, in the opposite end of the spectrum from what we've gotten recently. credit suisse downgrading bank of america citing valuation cause for concern. pleasure to have you with us. >> thanks for having me. >> seems like the primary driver behind this is the huge run we've seen in bank of america, the fact that right now it's trading at a multiple of 2013 earnings that exceeds jpmorgan as well as citi. does that imply that where citi and jpmorgan are trading, is that where bank of america should be trading? >> no, it's not at all. because bank of america does have a lot of cost reduction opportunities. on 2014 estimates, it's only one multiple point difference than 2 1/2. it narrows over time. but the issue really is, you know, are those cost cuts going to come in a straight line and could there be any interruptions. >> this almost s
they were. when you got past geithner, tim geithner, the treasury secretary the rest of them were almost nonentities. he was a real nonentity. the person driving the economic agenda is valerie jarrett. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier today. it was, it is so obvious. aig right now is applying to be about is known as a sieve if i firm. ive if i firm. system i financially important firm. systemmally important financial institution they are applying for that. guess who you don't sue. ashley: the federal government. >> this was a nonstarter from the minute they looked eight. should also point out another reason why, they have an ad campaign where they basically talk about how they're thanking the american tax pay fore --. ashley: turning around and suing the taxpayers essentially. >> those two things. systematically important issu
-- would it be fed chairman timothy geithner? tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> treasury secretary timothy geithner will formally step down two weeks from today, so what's next for him? steve liesman is here with an interesting take. steve? >> reporter: thanks, maria. geithner will stay at treasury until january 25th. unclear if that's going to mean a seamless tra
an ally. hello? ally bank. your money needs an ally. >> all right, so picture this. treasury secretary tim geithner gets the mint to make a one coin, the value, $1 trillion. then he takes that coin over to the federal reserve bank and deposits it. then the government writes checks against that trillion dollars. so that does that mean there's no need to raise the debt ceiling? joining us now to explain it all is deputy editor is the business insider. joe? >> how you doing? >> there's a law that says the treasury secretary can mint a platinum coin, how does that work? >> the treasury secretary does have broad discretion over specifically platinum coinage, the size of it, the denomination and so forth. a lot of people frustrated with the debt ceiling, it looks like the same thing in 2011, second time we don't think the debt ceiling is something to be used for a negotiating point, they're excited this could be a way to get around it. >> we showed that provision there. michelle and i were saying, this reminds us of zimbabwe. wouldn't this cause run away inflation? >> that's what people usually
that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington push this debt ceiling fight before damage i
of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
a comprehensive review. highlights from the news conference coming up. what does the future hold for tim geithner for his model for tackling the problems? this morning's early movers here on wall street. where is flo? anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. >>> take a look at the dow map. boeing one of the biggest losers at this hour. it is down by 1.8%. we continue to monitor the faa conference out of washington. we will bring you the latest as soon as we have it. bank of america, no surprise there. wells fargo earnings dealing with softness down as well. wells fargo is down by 1.8%. >> trying to accumulate during the break some analysis of wells fargo. they're saying, listen, 10% annualized loan growth, not as bad
the president will officially nominate jack lew for treasury secretary to replace tim geithner lew is federal budget expert and known to be a tough bargainer if confirmed by the senate, he would take the helm of the government may agency for economic and fiscal policy. just as we deal with the u.s. reaching its borrowing limit the debt ceiling. >> some republicans complained that he has been too unyielding in past this of negotiations. >> and big news regarding new mortgage rules being proposed james has more on that in a moment with more the consumer physical protection burn as rolled out new roles designed to ensure that mortgage borrowers can afford to repay the loans they take out. >> according to the rules, which take effect next year, lenders will be required to verify and inspect our financial records so and no more no doc loans out there. there will be prohibited from saddling world loan payments totaling more than 42 percent of the person's annual gross income. >> an interest only loans that helped inflate the housing bubble will be banned. >> still ahead on the kron 4 morning news a
expects to happen. it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the president knew a long time ago jack would be the guy. at the same time, it's surprising he would take on a fight like this with congress with when he has the chuck ha golf course e -- chuck hagel fight as well. it's like he doesn't care what republicans or nip thinks in washington and does what he wants. >> i don't see a fight with jack. he's not popular with republicans, that's true, but the other side focuses the fire on one main target, and other people get less, and i think the fire is going to be devoted to, pointed at chuck as you suggest. i think that jack lew, is n
. then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and ass
that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seeing a lot of
Search Results 0 to 22 of about 23

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